PaySend, the payments firm, has signed a partnership agreement with Vietcombank Remittance Company (VCBR), the company that holds the majority of all inbound money transfers in Vietnam, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).
Through the deal, the firms will allow money remittances directly to any bank account, Napas card, Visa or Mastercard issued in Vietnam.
VCBR CEO Trinh Hoai Nam said, “Our cooperation will allow any Vietnamese residents to receive money transfers from overseas directly to their bank accounts and Napas cards without a need to visit a branch.”
“There are over four million Vietnamese living outside of Vietnam supporting their friends and families back home,” Ronald Millar, CEO of PaySend, added. “(T)hey will benefit from PaySend’s latest technology and the ability to send money at a fixed low price without any hidden fees or charges.
The service is available to any registered customer via the company’s website or mobile app.
The company’s rapid growth in 2018, reaching 350,000 customers in Europe, has caused it to accelerate plans on developing a bank partner network, and it is now looking to build additional partnerships throughout Asia, Africa and Middle East regions.
PaySend demonstrated its PaySend Global Account at FinovateSpring last year. Accountholders can carry both fiat and crypto currencies, transfer value between currencies, send funds to other accounts or wallets, and make online and offline purchases. Both physical and virtual prepaid cards can be linked to the account to enable a debit card like in-person shopping experience.
Based in London, PaySend was founded in 2015. The company has raised $20 million in funding, and includes Digital Space Ventures and MARCorp Financial among its investors.